Noxopharm Limited (ASX:NOX), an Australian clinical-stage biotechnology company developing novel, targeted therapies for chronic inflammation, autoimmune diseases and cancer, has announced a significant equity raising initiative. The company has secured commitments for a $1.5 million placement and plans a $1.0 million Share Purchase Plan (SPP), alongside the early conversion of $3.78 million in shareholder convertible notes. This capital injection is earmarked to propel its SOF-SKN™ clinical program and other preclinical development activities.
The $1.5 million placement saw strong support from new and existing professional and sophisticated investors, with new shares priced at $0.042 each. This price reflects a 19.2% discount to the last traded price on October 26, 2026. Noxopharm Chairman Fred Bart subscribed for $0.375 million, pending shareholder approval. Eligible shareholders will also be offered a non-underwritten SPP, aiming to raise up to an additional $1.0 million at the same $0.042 per share price. Furthermore, the company has agreed to the early conversion of $3.78 million of existing shareholder convertible notes, also on the same terms and subject to shareholder approval.
The combined proceeds, alongside an anticipated $1.4 million R&D tax incentive, will primarily fund the SOF-SKN™ extension study in patients with cutaneous lupus erythematosus (CLE), scheduled for Q1 2027. Funds will also support Investigational New Drug (IND)-enabling activities for a planned SOF-SKN Phase 2 trial, ongoing preclinical development for its SOF-CAN™ and SOF-VAC™ programs, general working capital, and offer costs. Noxopharm Chair Fred Bart expressed gratitude for the strong support, highlighting the potential of the Sofra technology platform. CEO Dr Olivier Laczka noted the timely capitalisation, enabling the company to deliver key near-term catalysts and advance its lead clinical and R&D programs.
